Discount Investment Corporation
Discount Investment Corporation Ltd. (“DIC”) (TASE: DISI) is a holding company based in Israel. The company is listed on the Tel Aviv Stock Exchange and is a constituent of the TA-100 Index. The company’s is controlled by IDB Holding Corporation Ltd. (TASE: IDBH)[1]
History
Discount Investment Corporation was founded in 1961 as an investment vehicle of the Recanati family, which at the time were owners of the Israel Discount Bank; itself founded by the family in the 1930s after emigrating from Greece during the British Mandate of Palestine. The family business were controlled by umbrella company IDB Holding Corporation (IDB standing for Israel Discount Bank) founded in 1969.
In 2002 the company sold its holdings to a group of investors headed by Nochi Dankner.[2]
In September 2012, Discount Investment Corporation and its parent company IDB Holdings had a "going concern" warning attached to their second-quarter financial reports by the group's auditors, who doubt the company can meet all its debt-repayment obligations in the foreseeable future. Bondholders of the company's debt started the process of taking control over the company.[3]
Major Holdings
DIC has holdings include:
- Makhteshim Agan - a world leading manufacturer of generic agrochemical products (DIC holds 63% of Koor Industries which hold 42% of Makhteshim)
- Property and Building Corporation - one of the largest real-estate group in Israel (83.4%)
- Maxima Air Separation Center Ltd. - industrial gases producer (77.8%)
- Ham-Let - instrumentation products - (60%)
- Elron Electronic Industries - high-tech holding and investment company (48.7%)
- Given Imaging - medical devices (16% directly 48.5% aggregate- directly and indirectly)
- Cellcom (Israel) - largest cellular operator in Israel (46.8%)
- Shufersal- largest grocery retail chain in Israel (39.7%)
- 013 NetVision - leading ISP and international call provider (32.2% directly and 48% aggregate-directly and indirectly)
- Hadera Paper Ltd. - manufacturer of paper & paper products (21.5%)
- Global Village Telecom - Brazilian communications service provider (1.6%)
External links
References
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- ↑ IDB bondholders face fateful choice: Work with Dankner, or against him, Haaretz, Sep 3 2012
